Youguo proposed four bills at the plenary congress, whether the head of state took a commemorative note.

Even ordinary people can imagine that if Ji Youguo seeks re-election, he will first ask Pang Xinglong to submit the 20177 central budget, and then elect a new national leader, and then put forward four bills of historic significance for the republic after sitting in his position. In this way, not only will the four bills be smoothly passed at the plenary session, but will not have a negative impact on Ji Youguo's re-election.

Before the start of the third phase of the agenda, Pang Xinglong submitted several administrative regulations.

The most notable of these regulations is the Regulations on Land Circulation and Government Expropriation. At that time, many people thought that Ji Youguo should implement this administrative regulation, not Pang Xinglong. This is because the statute will clearly stipulate the rights and responsibilities of the government when expropriating land, as well as the rules that must be observed in the free circulation of land. Relatively speaking, this is more like a law than an administrative regulation.

The Regulations on Land Circulation and Government Expropriation are reminiscent of the ongoing financial crisis.

In January 20166, Pang Xinglong issued the "Trial Measures for Land Expropriation and Circulation" in the form of a "State Council Order", requiring local governments to make more rational use of land, rather than transferring land to developers through auctions, so as to curb the rise in land prices and suppress housing prices.

This approach has not been implemented concretely and effectively, and almost all local governments do not support it.

Subsequently, the financial crisis broke out, and the real estate market prices in the Republic fell from the historical high, and dozens of large domestic real estate developers declared bankruptcy one after another. Under the personal intervention of Ji Youguodi, several provincial capitals such as Shanghai, Guangzhou, Nanjing, Hangzhou, Chongqing, Chengdu and Xi'an first implemented the Xindi land auction method, that is, the developer must give the sales price of the area of the house at the same time as bidding, and can only be listed and traded after all the construction work is completed, and the property cannot be sold in the form of "off-plan".

This policy makes property prices "dive" directly.

It is precisely because of this that there is a matter of + Yanbo and others entering the real estate market.

At this time, the Republic is fighting hard to suppress the property market. There is only one goal: to liberate residents' consumption capacity and stimulate the domestic consumer market.

Undoubtedly. It was a very far-sighted decision.

With the outbreak of the financial crisis. The consumer market in Western countries, led by the United States, has shrunk sharply. It is impossible for the republic to rely solely on exports to stimulate domestic economic growth.

In fact. Since the outbreak of the financial crisis. The Republic, for its part, has focused its economic development on the domestic market.

If you want to develop the domestic market. First of all, we must let the people have money and dare to use it.

Previous years. Ji Youguo has launched reform measures such as the local universal medical security plan, the universal social welfare security plan, 12-year compulsory education, and the subsidy for poor college students. It's all about making people "dare to spend money". Change the people's concept of consumption. Let more people spend the "pension money", "medical money" and "school money" stored in the bank.

However, these policies are still not thorough enough.

Excessively high housing prices have seriously inhibited people's other spending power.

If a house requires a family to spend 20 years of income, who has the money to spend as much as they want in terms of clothing, food, travel, etc.?

Returning real estate prices to a reasonable position is the most important thing to stimulate domestic consumption.

To solve the problem of excessively high real estate prices, in addition to fully quoting the market mechanism, reducing the price of primary resources, that is, the price of land resources, has become the key to solving the problem of excessive real estate prices.

If you want to lower the price of land, you have to "put pressure" on the local government.

The Law on the Code of Government Conduct and the Law on the Examination and Approval of Administrative Expenditures restrict the government's expropriation and auction of land, so that local governments cannot sell land at will to maintain high housing prices and high incomes as they did in the past. The Regulations on Land Circulation and Government Expropriation effectively supplement these two laws, clearly stipulating the responsibilities and powers of the government in land expropriation and auction.

However, the reform of the republic's land policy is more difficult and involves more problems than the reform of the government.

In the course of the deliberations, many deputies proposed that the Property Law should be implemented as soon as possible, so as to solve the problem that local governments are unable to obtain fiscal revenue through land auctions, and also lay the foundation for local governments to implement long-term development plans.

Discussions continued until March, when the Regulations on Land Circulation and Government Expropriation were finally voted on.

Whether the Property Law needs to be implemented immediately, Ji Youguo left the question to the next government.

On March 5, Ji Youguo formally submitted his resignation from the post of head of state to the plenary congress and jointly elected Comrade Zhao Rundong as head of state with Pang Xinglong and other deputies as a representative.

On the same day, the plenary congress first voted on Ji Youguo's resignation as head of state.

In the end, Ji Youguo's "resignation proposal" was unanimously agreed.

On March 6, the plenary session began to deliberate on the proposal of "Comrade Zhao Rundong as head of state."

According to the regulations, anyone can participate in the "competition" of the head of state, as long as there are 50 deputies jointly elected.

Since there was no second candidate, the plenary session voted on whether to support Comrade Cho Yun-dong as head of state. In the end, with unanimous approval, Zhao Rundong was successfully elected as the seventh head of state of the Republic.

On the same day, Ji Youguo officially announced his resignation. Subsequently, Zhao Rundong was sworn in.

Because Ji Youguo was also a delegate, he still participated in the later meetings.

On March 7, Zhao Rundong submitted a list of the main leaders of the State Council to the plenary session, and in addition to Pang Xinglong, who is still serving as the premier of the State Council, only 211 of the 11 principal cadres, including 3 vice premiers, 27 ministerial-level officials, and 84 vice-ministerial-level officials, remain in their posts, and the remaining 93 are newly promoted officials.

After the list of leaders.

On the morning of March, Pang Xinglong and other State Council leaders took the oath of office in front of all the deputies.

At this point, the plenary session, which lasted 26 days and was 11 days longer than scheduled, officially came to an end, and except for the deputies of the Standing Committee, the rest of the delegates will leave Beijing one after another after inspecting the achievements of the State Council's reform work and visiting the main scenic spots in the capital.

Also on this day, the U.S. District Court for the District of New York completed the legal preparations for Citibank's bankruptcy protection.

Although according to the relevant laws of the United States, Citibank will not immediately declare bankruptcy after filing for bankruptcy protection, and will complete bankruptcy reorganization under the supervision of the court and the government in addition to continuing to operate, but when the New York District Court announced that Citibank officially accepted the protection of the court, the U.S. financial market still caused a huge shock.

On the same day, the three major stock indexes in New York fell again.

In the afternoon, the US federal government secretary of the Treasury and the president of the Federal Reserve Bank jointly issued a statement saying that on the basis of the original Citibank, the "toxic assets" will be eliminated and the "new Citibank" will be restructured with Citibank's excellent assets in the form of government assistance and loans guaranteed by the Federal Reserve Bank.

The news was expected by investors, as it was done after GM's bankruptcy that year.

At this time, the vast majority of investors did not care about whether Citibank could be "reborn" after bankruptcy and reorganization, but were very concerned about whether JPMorgan Chase Bank and Bank of America, which had encountered the same problems as Citibank, would declare bankruptcy one after another, and whether the federal government and the Federal Reserve Bank would lend a helping hand to these two banks.

The main problem for both banks is "non-performing assets".

JPMorgan Bank has provided more than $50 billion in loans to Boeing and a total of $18 billion in loans to arms giants such as Loma & Co., Northrop and General Electric. Almost all of these loans are "non-performing assets" with little hope of recovering them.

Bank of America's "non-performing assets" are mainly concentrated in loans to energy companies such as Exxon-Mobil Oil, Texas Petroleum Corporation, and American Electric Power Company. If the performance of these companies does not improve, all loans will become a burden to the US banks.

According to the estimates of the international financial community, the US federal government and the Federal Reserve Bank must invest trillions of dollars in order to save these two banks. Of course, there are also people who put forward different views. According to Al Jazeera, the US president only needs to start a war to bring JPMorgan Chase and Bank of America back to life.

This "war" is the war against Iran.

As long as war breaks out, the American fiery giants will be able to get a huge amount of arms procurement costs from the government, easily repay the bank loans, and get the US banks out of their predicament. As soon as the cannon goes off, international oil prices will soar, and the US energy giants will be able to make huge profits, and repaying the loan from JPMorgan Chase Bank will naturally be a minor problem. In other words, when the president of the United States starts a war, he will provide support to the banks in disguise.

As a result, the price of March oil futures on the New York Stock Exchange rose from $112 per barrel on February 13 to $1 per barrel on February 28. Entering the month, the price of oil futures for delivery reached $163 per barrel on March 1c, and maintained the momentum of continued growth.

At this point, Frederick can be regarded as "difficult to ride a tiger".

According to outside estimates, the probability that the United States will start a war at the end of May or early May is more than 80 percent. If the war does not start by then, many American investors who take advantage of the opportunity to speculate on oil, especially American energy interests and those major conglomerates that want to make a fortune from it, will become the biggest losers.

In this case, it is not up to Frederick to decide whether to fight Iran or not.

According to data released by Al Jazeera, as long as the war starts, US energy interests and major conglomerates will make at least $3 trillion in profits on oil futures.

Now, all that remains is the "spark" that detonated the war. (To be continued)

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